Kordsa to make two major US acquisitions

Kordsa, a Sabancı Holding subsidiary, has entered into a definitive purchase agreement to acquire two advanced composite technology companies in the US. Following its Composite Technologies Center of Excellence investment, Turkey's first industry-university collaboration investment, Kordsa plans to acquire Fabric Development Inc. (FDI) and Textile Products Inc. (TPI), which provide advanced composite materials to the commercial aviation industry, with an investment of around US$ 100 million.

With the acquisition, Kordsa says it will strengthen its position in the US, as well as become a strong player in the commercial aviation industry supply chain, which is expected to grow by at least 10% annually over the next five years. The consummation of the acquisition is subject to customary closing conditions, including certain US government approvals. Kordsa expects to complete the acquisition in the first quarter of 2018.